Sydney and Melbourne have posted another fall in house prices for January as the downward trend in the two biggest markets maintains momentum, Corelogic's latest Hedonic Home Value Index shows.
Prices in Sydney and Melbourne fell 0.9 per cent and 0.2 per cent respectively in January mirroring the same decline in December.
Sydney house prices have now fallen 3.1 per cent since the peak of the market in last July, leading to a small 1.3 per cent annual price growth to the end of January.
While December and January are seasonally quieter in the housing markets with lower volumes likely to throw up volatility in house prices, the hedonic numbers are not affected by it.
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It looks as if the canary was indeed singing back in Oct.
Be prepared, my fellow HC posters.
